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RBI 76% of Rs 2,000 Notes Returned to Banks:Reveals Surprising Trend.

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The Reserve Bank of India reported on Monday that up to 76% of the Rs 2,000 notes in circulation have been returned to banks, primarily through deposits.

The RBI ordered the withdrawal of all Rs 2,000 notes from circulation on May 19 and offered the general public until September 30 to deposit the notes in their bank accounts or swap them.

The entire value of the Rs 2,000 banknotes that have been removed from circulation since the announcement on May 19 is Rs 2.72 lakh crore through June 30, 2023, according to information from the banks.

RBI

Therefore, the amount of Rs 2,000 bank notes in circulation as of the close of business on June 30 was Rs 0.84 lakh crore, according to a statement from the central bank.

As of May 19, 2023, 76% of the Rs 2,000 banknotes in use have subsequently been returned.

According to information gathered from major banks, out of all the bank notes in the value of Rs. 2000 that were returned from circulation, around 87 percent were in the form of deposits, while the remaining 13 percent were swapped for notes in other denominations.

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Samsung Unveils Cutting-Edge Fitness Tracker ‘Galaxy Fit3’ in India

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Samsung Unveils Cutting-Edge Fitness Tracker ‘Galaxy Fit3’ in India

The Galaxy Fit3, a new fitness tracker from Samsung featuring cutting-edge health-monitoring technologies, was released on Friday in India. Available for purchase on the company’s official website as well as at major online and offline retail locations, the Galaxy Fit3 is priced at Rs 4,999 and comes in three colors: grey, silver, and pink gold.

“Aditya Babbar, Senior Director, MX Business, Samsung India, said in a statement that the Galaxy Fit3, as our newest fitness tracker, underscores our commitment to providing accessible resources that encourage everyday well-being and encourage everyone to strive for their personal growth.”

The 1.6-inch display on the Galaxy Fit3, which is 45% broader than the previous generation, and its aluminum body make it simpler for consumers to quickly view detailed insights. It fits comfortably and is elegant and lightweight.

According to the firm, users can also add style and personalization to their tracker by choosing their preferred watch face from over 100 presets or by using their images as the background.

Also Read: Morgan Stanley Predicts India’s GDP Growth to Slow to 6.5% in FY2025

Users can also simply examine their exercise history and track over 100 different types of workouts at any time and from any location. Users may enjoy outdoor activities in a range of situations with the Galaxy Fit3, as it is rated 5ATM and has IP68 water and dust resistance.

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Morgan Stanley Predicts India’s GDP Growth to Slow to 6.5% in FY2025

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Morgan Stanley Predicts India’s GDP Growth to Slow to 6.5% in FY2025

According to international banking giant Morgan Stanley, India’s economic growth would decline from 6.9% expected for FY2024 to 6.5% in FY 2025. “Concerning development, we guess that it will keep on being vigorous. As of December 2023, GDP is projected to ascend at 6.5%, albeit diminishing from 7.7% in the first half of FY2024. In its latest exploration report on the Indian economy, Morgan Stanley expressed, “We anticipate that GDP should average 6.9% in FY2024 and 6.5% in FY2025.”

The Monetary Policy Committee of the Reserve Bank of India has modified its GDP projections for FY 2025, bringing them down from 7.3% for FY24 that the National Statistical Office had anticipated. Remarkably, the public authority expanded its conjecture for ostensible Gross domestic product development meanwhile financial plan set on February 1 free from 8.9 percent in 2023-24 to 10.5%, without representing the pace of expansion.

In terms of macro-stability, Morgan Stanley anticipated that title expansion would average 4.5 percent in FY2025 and 5.4% in FY2024, with a reach bound gauge of 5.0-5.2 percent in the primary quarter of FY24, supported by a good base impact.

Positive Economic Indicators Signal Growth Amidst Global and Domestic Challenges

With the strength of services exports and the declining price of commodities globally, particularly oil, the current account deficit is expected to stay benign and track at 1.2% of GDP in FY24 and 1.3% of GDP in FY25. In terms of monetary policy, Morgan Stanley stated, “In our base case, we build in a shallow rate cut cycle of 50 basis points from June 2024, even as we continue to remain vigilant of risks from stronger-than-expected growth (strong credit growth), which could postpone the rate easing cycle.”

Also Read: India Expects 9.5% Salary Increase in 2024; Infrastructure and Manufacturing Sectors Lead Growth

Morgan Stanley reported that although economic stability is still comfortable and reflects strength in the fundamentals, domestic demand strengthened in January. “We continue to view the economy favorably. Worldwide events and the May 2024 elections pose risks, the statement read.

In January, domestic demand increased both sequentially and YoY as it slowly increased to a three-month high. GST collections increased to Rs 1.7 lakh crore, the second-highest amount ever, gaining 10.4% annually, while the Manufacturing PMI improved to 56.9, continuing to be expansionary since July 21. Regarding external demand, exports increased 3.1% in January compared to 1% in the previous month.

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India Expects 9.5% Salary Increase in 2024; Infrastructure and Manufacturing Sectors Lead Growth

India

India Expects 9.5% Salary Increase in 2024; Infrastructure and Manufacturing Sectors Lead Growth

According to a survey released on Wednesday, salaries in India are predicted to rise by 9.5% this year as sectors like manufacturing and infrastructure continue to see strong growth. According to a survey by global professional services firm Aon, manufacturing will experience a salary improvement of 10.1% and life sciences, 9.9%, while global capability centers (GCCs) are likely to receive a pay hike of 9.8% in the nation.

It is anticipated that employees working in financial institutions will experience compensation increases of approximately 9.9% this year, while pay growth for tech platforms, services, and goods will be 9.5%. The study examined information from 1,414 businesses across nearly 45 categories. It was discovered that the overall attrition rates decreased from 21.4% in 2022 to 18.7% in 2023.

“A strategic adjustment in response to the evolving economic landscape is indicated by the projected increase in salaries in the Indian formal sector,” stated Roopank Chaudhary, chief commercial officer for talent solutions at Aon in India and partner.

“Industries like infrastructure and manufacturing continue to project robust growth, indicating the need for targeted investments in certain sectors,” he continued, despite a generally pessimistic outlook on the world economy.

Also Read: Byju’s Successfully Raises $200 Million Through Fully Subscribed Rights Issue

Reductions in attrition benefit organizations because they free up resources for capacity building and productivity enhancement, which feeds back positively.

According to Jang Bahadur Singh, director of talent solutions at Aon in India, “as leaders prepare for 2024, their focus is likely to shift towards building a supportive work environment to foster employee engagement in a dynamic job market.”

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